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Rep. Elise Stefanik, Chairwoman
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Press Releases

Bidenflation Rages On As Bidenomics Continues To Fail America

Washington, March 12, 2024
  • Feb. Inflation

The Consumer Price Index (CPI), a key inflation index, came in “hotter than expected” in February, increasing at an annual rate of 3.2% and overall prices are up 18.6% since Biden took office. This is just the latest example of Bidenomics continuing to fail Americans, as they are forced to pay more for everyday necessities while earning less because of Bidenflation. 
 
MAKE NO MISTAKE: Bidenflation is a direct result of Joe Biden’s out-of-control government spending. House Republicans have fought to rein in Biden’s reckless spending and restore fiscal responsibility to Washington. 
 
BIDENOMICS BY THE NUMBERS: 

  • Inflation is a tax on ALL Americans. 
  • When Joe Biden took office, inflation was at just 1.4%. 
  • Since Joe Biden took office inflation has risen by 18.6%.
    • Eggs are UP 49% since Biden took office.
    • Gasoline is UP 38.8% since Biden took office.
    • Transportation services are UP 35.2%.
    • Baby food and formula is UP 29.6%. 
    • Electricity is UP 28.6% since Biden took office.
    • Food prices are UP 20.9% since Biden took office.
    • Rent of primary residence is UP 19.5% since Biden took office.
  • Real average hourly earnings for all employees decreased 0.4% from January to February.
  • Real average weekly wages are down 4.2% since Biden took office.
  • Americans are paying more for just about everything because of inflation:
    • Frozen noncarbonated juices and drinks are UP 27.2%
    • Motor vehicle insurance is UP 20.6%
    • Sewing machines, fabric and supplies are UP 11.0%
    • Admission to sporting events is UP 11.0%
    • Transportation services are UP 9.9%
    • Nonprescription drugs are UP 9.3%
    • Uncooked beef roasts are UP 9.2%
    • Baby food and formula is UP 8.8%
    • Food from vending machines and mobile vendors is UP 7.7%
    • Motor vehicle maintenance and repair are UP 6.7%
    • Sugar is UP 6.1%
    • Hospital services are UP 6.1%
    • Rent of primary residence is UP 5.8%
    • Crackers are UP 4.9%
    • Tomatoes are UP 4.7%
  • Under Joe Biden’s failed economic agenda, Americans are spending over $11,400 more annually to buy the basics.  
  • Since Joe Biden took office, Americans are spending over $1,000 more a month than they were three years ago. 
  • The average monthly payments on a new home soared to $3,322 in the third quarter of 2023, marking a staggering 90% increase since late 2020 when it hovered at just $1,746 before Biden took office.
  • According to a recent survey, one in eight retirees plan to return to work in 2024, largely due to Bidenflation.